Live Cattle Futures and Options: How Have They Done?

Futures did reduce price risk. Hedging produced a higher minimum return and higher return at the 25th percentile (75% of the returns are better than this figure) than did the cash market. The 50th percentile, or median return, was higher for yearlings in the cash market than hedged cattle, and the calves had mixed results. Although the differences are not great, there have been months when the option strategies performed better than cash or futures, (i.e., January–April and September–October), and there are months when they did not fare well (i.e., June–August).

Profiting from the Cattle Cycle: Alternative Cow Herd Investment Strategies

Beef cow herd owners can benefit from incorporating price signals into their heifer retention decisions. Whereas a perfect forecast of calf prices over the productive life of the heifer added to the herd would be ideal, such information is not available. However, simple decision rules that incorporate current or recent prices and the knowledge that the cattle cycle likely will repeat itself can help producers improve their investment decisions. A dollar cost averaging strategy that retains the same dollar value of heifers each year and a rolling average value strategy that retains a 10-year average value of heifers out performed strategies that sought to maintain a constant herd size or a constant cash flow.

A reduced model clarifies the role of feedback loops and time delays in the Drosophila circadian oscillator.

Although several detailed models of molecular processes essential for circadian oscillations have been developed, their complexity makes intuitive understanding of the oscillation mechanism difficult. The goal of the present study was to reduce a previously developed, detailed model to a minimal representation of the transcriptional regulation essential for circadian rhythmicity in Drosophila. The reduced model contains only two differential equations, each with time delays. A negative feedback loop is included, in which PER protein represses per transcription by binding the dCLOCK transcription factor. A positive feedback loop is also included, in which dCLOCK indirectly enhances its own formation. The model simulated circadian oscillations, light entrainment, and a phase-response curve with qualitative similarities to experiment. Time delays were found to be essential for simulation of circadian oscillations with this model. To examine the robustness of the simplified model to fluctuations in molecule numbers, a stochastic variant was constructed. Robust circadian oscillations and entrainment to light pulses were simulated with fewer than 80 molecules of each gene product present on average. Circadian oscillations persisted when the positive feedback loop was removed. Moreover, elimination of positive feedback did not decrease the robustness of oscillations to stochastic fluctuations or to variations in parameter values. Such reduced models can aid understanding of the oscillation mechanisms in Drosophila and in other organisms in which feedback regulation of transcription may play an important role.

El ataque libertarista contra el igualitarismo y el marxismo : actualidad de un debate inconcluso

El presente artículo examina las principales líneas de ataque lanzadas por el libertarismo de derecha -expresado fundamentalmente en la obra de Robert Nozick-, contra el igualitarismo liberal de John Rawls y el materialismo histórico. En particular, analiza el rechazo nozickeano a la justicia distributiva, a la deseabilidad (y posibilidad) de la cooperación social, y a los esquemas distributivos contrarios al principio de autopropiedad. Asimismo, explora el impacto de este principio libertarista sobre algunos postulados fundamentales del marxismo. Desde una perspectiva que se nutre de los principales debates de la filosofía política contemporánea, y con una opción teórica por el igualitarismo, este texto presenta y procura debilitar las más audaces tesis nozickeanas, las cuales siguen ejerciendo gran influencia en círculos académicos, en algunas instancias de formulación de políticas públicas y, sobre todo, en el sentido común forjado en tiempos de hegemonía neoliberal.

Ages and tephra layers in Chatham Rise sediment cores

We present sea surface temperature (SST) estimates based on the relative abundances of long-chain C37 alkenones (UK37') in four sediment cores from a transect spanning the subtropical to subantarctic waters across the subtropical front east of New Zealand. SST estimates from UK37' are compared to those derived from foraminiferal assemblages (using the modern analog technique) in two of these cores. Reconstructions of SST in core tops and Holocene sediments agree well with modern average summer temperatures of ~18°C in subtropical waters and ~14°C in subpolar waters, with a 4°-5°C gradient across the front. Down core UK37' SST estimates indicate that the regional summer SST was 4°-5°C cooler during the last glaciation with an SST of ~10°C in subpolar waters and an SST of ~14°C in subtropical waters. Temperature reconstructions from foraminiferal assemblages agree with those derived from alkenones for the Holocene. In subtropical waters, reconstructions also agree with a glacial cooling of 4° to ~14°C. In contrast, reconstructions for subantarctic pre-Holocene waters indicate a cooling of 8°C with glacial age warm season water temperatures of ~6°C. Thus the alkenones suggest the glacial temperature gradient across the front was the same or reduced slightly to 3.5°-4°C, whereas foraminiferal reconstructions suggest it doubled to 8°C. Our results support previous work indicating that the STF remained fixed over the Chatham Rise during the Last Glacial Maximum. However, the differing results from the two techniques require additional explanation. A change in euphotic zone temperature profiles, seasonality of growth, or preferred growth depth must have affected the temperatures recorded by these biologically based proxies. Regardless of the specific reason, a differential response to the environmental changes between the two climate regimes by the organisms on which the estimates are based suggests increased upwelling associated with increased winds and/or a shallowing of the thermocline associated with increased stratification of the surface layer in the last glaciation.